Banking Encryption Software Market Worth $5.03 Billion By 2030
Banking Encryption Software Market Growth & Trends
The global banking encryption software market size is expected to reach USD 5.03 billion by 2030, expanding at a CAGR of 13.0% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The growing need for modern security solutions worldwide is anticipated to drive the growth of the industry. In addition, the rising incidences of cyber-attacks also bode well for growth.
Banking encryption software facilitates the confidential exchange of vital data by encrypting the data at the sender’s end in a form not readable without a proper authentication key, which is usually in the form of a password. The receiver can use the authentication key to decrypt the data and read it. The strong emphasis banks and other financial institutions are putting on securing data transactions is driving the adoption of banking encryption software.
The growing partnerships among the encryption software providers are expected to drive market growth. For instance, In April 2021, Google Cloud and Broadcom collaborated. This collaboration increased the integration of cloud services into Broadcom’s primary software franchises. In this partnership, Broadcom was able to make enterprise operations software and its security suite available on Google Cloud, enabling organizations to encrypt and decrypt data at the column level.
The COVID-19 pandemic impacted the banking encryption software market growth positively. Due to the pandemic, the transfer of data increased as offices and businesses adopted the work-from-home model. Remote applications got overloaded with crucial data, and cloud deployment gained more popularity. Due to the increase in online data transfer, the need for encryption software that facilitated secure data transfer increased.
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Banking Encryption Software Market Report
Banking Encryption Software Market Report Highlights
- The software segment is expected to dominate the segment over the forecast period. This is due to its offered benefits such as security and privacy protection to the financial institutes
- The cloud segment is anticipated to witness the fastest growth over the projection period. The growth of the segment can be attributed to the inexpensive deployment and customization options
- The large enterprise segment dominated the market in 2021. Large organizations are adopting encryption solutions to meet the changing security needs owing to the rising incidences of cybercrimes
- The cloud encryption segment is anticipated to witness the fastest growth because of its capability to facilitate a cost-effective and scalable encryption model
- The Asia Pacific regional market is expected to witness the fastest growth over the projection period due to an increase in demand for encryption software among banks in developing countries in the Asia-Pacific, including China and India, to safeguard and ensure the privacy of data